Portcullis Property Lawyers

Traditional Values with a Modern Approach

Trusts

 

I am a marvellous housekeeper. Every time I leave a man I keep his house
Zsa Zsa Gabor

Trusts are a very important part of property law and it is wise to appreciate the difference between the legal title i.e. whose name the property is held in and the beneficial title i.e. who owns the interest in the property

Every property held in more than one name is held on trust. It can be held as joint tenants where the share or interest of one party automatically passes to the survivor or as tenants in common where each party owns a specified share which can be left in accordance with their will or intestacy provisions.

How a property is held  depends on many factors such as the object of buying the property, what each person hopes to get out of it, and the amount of other assets which may be held.

We certainly recommend a trust deed if buying a home with someone where there has been an unequal contribution to the purchase price

Trusts can also be used;

  •  when making a contribution to the purchase price  e.g grandparents helping to fund a deposit,
  • to ensure someone has a home for life
  • to set out how the sale price is to be distributed if the property is sold
  • to apportion the income received 

 

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Portcullis Property Lawyers
Suite 11
Dukes House
5-6 High Street
Windsor
SL4 1LD

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Phone: 01753 621610

Fax: 01753 621550

E-mail: advice@portcullispropertylawyers.co.uk

Website: www.portcullispropertylawyers.co.uk